Typhoon Gaemi forces Taiwan to close schools, stock market after curtailed wargames
A pedestrian wades through a flooded street as a worker (L) unclogs a drainage in Manila on July 23, 2024
Taiwan on Tuesday (Jul23) scaled back its annual Han Kuang war games as Typhoon Gaemi, also known as Typhoon Carina in the Philippines, made its way towards the self-ruled island. The typhoon is expected to bring strong winds and torrential rain.
According to Taiwan’s Central Weather Administration, Gaemi, the first typhoon of the season to affect the island, is expected to make landfall on the northeast coast between Wednesday (Jul 24)night and the early hours of Thursday.
Currently categorised as a medium-strength typhoon, it is likely to move across the Taiwan Strait and hit the southeastern Chinese province of Fujian early on Friday (Jul26).
Taiwan's defence ministry announced that the Han Kuang military drills scheduled for this week have been scaled back.This includedthe cancellation of fighter jet exercises on the east coast.
In Taipei, offices, schools, and trading on the island’s $2.4 trillion stock market will remain closed on Wednesday (Jul24).
Securities, currency, and fixed-income trading will also be paused.
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Authorities had issued a warning on Tuesday (Jul23) that the storm could significantly impact people on land. After this warning, ship crossings and domestic flights were cancelled.
Taiwan Semiconductor Manufacturing Co. (TSMC) said that it expects its local chipmaking facilities to maintain normal production.
According to a report in Bloomberg, the company, which supplies major firms like Apple Inc. and Nvidia Corp., has activated routine typhoon alert preparations at all fabs, including placing emergency response teams on standby.
In recent days, Gaemi has swept through the Philippines.
Also watch | Taiwan curtails war games due to Typhoon Gaemi, war games aims to repel China military offensive
This system follows tropical storm Prapiroon, whichimpacted China and Vietnam.
Taiwan’s market suspension comes amid recent volatile trading, with the benchmark Taiwan Stock Exchange Weighted Index nearing a technical correction after investors took profits from the Artificial Intelligence frenzy.
(With inputs from agencies)